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August 01, 2012


Romney Tax Plan Would Raise Taxes on 95%

A new Brookings Institution/Tax Policy Center study finds Mitt Romney's plan to overhaul the tax code would produce cuts for the richest 5% of Americans -- and larger bills for everybody else.

The Washington Post notes the researchers seemed "to bend over backward to be fair to the Republican presidential candidate" but "none of it helped Romney."

"His rate-cutting plan for individuals would reduce tax collections by about $360 billion in 2015, the study says. To avoid increasing deficits -- as Romney has pledged -- the plan would have to generate an equivalent amount of revenue by slashing tax breaks for mortgage interest, employer-provided health care, education, medical expenses, state and local taxes, and child care -- all breaks that benefit the middle class."












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